Councillors voted unanimously in favour of demolishing an old railway yard to make way for a new supermarket, shops and hotel.
Aquila Maldon Ltd was given permission at a planning and licencing committee meeting last night (January 15) to start working on the Brooks Brothers timber yard in The Causeway in Maldon.
Waitrose has shown interest in becoming the development's food store and Next also wants to move in.
Maldon district councillor for Southminster Brian Beale MBE said the development could help regenerate the town.
"There is a great hope that the people of Maldon will appreciate the district more with these improvements," said the Independent councillor.
Lidl is also showing interest in moving to the town, Tesco is transforming the old Cups pub in Wantz Road and Morrisons Local has opened in the former High Street post office.
Aquila estimates the new complex will create 200 jobs.
Discussing whether the new supermarket could be a Waitrose, Mr Beale said: "I honestly don't know if it will be, I have had nothing to do with the negotiations with the developer."
